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    Turkish PM says government doesn’t interfere in the Central Bank

    Hurriyet English
    13.05.2008 - 14:27 | Son Güncelleme:

    The government consults and negotiates with the Turkish Central Bank but does not interfere into its sphere of duties, Turkish Prime Minister Erdogan said on Tuesday.

    "As we all know, the Central Bank (CB) is an autonomous institution, the government can have negotiations and consultations with it, but there is no discussion on any interference in its affairs," Erdogan said, responding to question on whether there was any disagreement between the government and the CB.

           

    "There may be some differences of opinion between the government and the CB, but these eventually conclude and we all act on the decision taken," Erdogan added.    

     

    "As a matter of fact, the fiscal discipline we implanted during the last 5.5 years is the result of the sincere stance the government takes towards this issue," he said.

     

    The Central Bank has voiced its concerns over the government's move to cut the country's primary surplus and sees the move as an easing of the fiscal discipline. In response, the CB indicated it would raise interest rates to cushion the effects of the decision in the coming term.

     

    Turkey cut its primary surplus target, the anchor of the country's budget performance, for 2008 from 4.2 percent of GNP to 3.5 percent.  

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